Blockchain-based Crowdfunding for Cyber-Product Insurance

Nemade, Srushti; Kamble, Abhijit; Sopal, Sharvil; Bhale, Pragati; Pachghare, Vinod

doi:10.1109/cisct55310.2022.10046520

Cited by 4 publications

(1 citation statement)

References 15 publications

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“…The technological advancement known as blockchain eliminates the requirement for third parties to record and verify transactions, which makes it an extremely secure platform. This not only increases efficiency but also reduces the likelihood of fraudulent activity in digital transactions [12]. "Smart Contracts" are computerised agreements that automatically carry out their provisions when certain criteria are achieved.…”

Section: Figure 1 Proposed Flowmentioning

confidence: 99%

Transparent Charity Application and Crowdfunding Using Blockchain

Mr. Pramod S. Aswale,

Mrs. Nishigandha Vyawahare,

Abhijeet Patange

et al. 2024

Int Res J Adv Engg Hub

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Crowdfunding and other forms of digitalized philanthropy have created new channels of communication between donors and fundraisers. Nevertheless, new issues about privacy and security have arisen due to these advancements. Donors may lose trust in conventional techniques due to a lack of transparency on the allocation of their funds, increasing the risk of potential misuse or exploitation. This study suggests a new use of blockchain technology as a viable solution for difficulties in the crowdfunding and charity sectors. By leveraging the inherent immutability, security, and openness of blockchain technology, all transactions and fund allocations are documented on a public ledger accessible to all stakeholders. As a result, our system will operate smoothly. This solution offers real-time donation tracking from the moment of contribution to final expenditure and automates payment distribution using smart contracts. This is done to ensure that contributions are used appropriately. The initiative includes a feedback mechanism for recipients to report on the impact of contributions, setting it apart from other similar schemes. This terminates the relationship between the donors and the beneficiaries. The prototype showcases how blockchain technology may enhance trust and transparency, namely in the realms of crowdfunding and charitable donations. Blockchain-based solutions have the ability to greatly improve the efficiency of fund distribution and the transparency of financial transactions, based on user input and trial results. This can motivate more people to participate in acts of generosity and charity initiatives.

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Section: Figure 1 Proposed Flowmentioning

confidence: 99%